The cryptocurrency market remains range bound with Bitcoin (BTC) hovering around $27,000. While preparing this report, Bitcoin was trading at $26,860, down 1% in the past 24 hours. Ethereum (ETH) rose by 0.30% to change hands at $1,562. XRP lost 1.20% to trade at $0.4863.
Major cryptocurrencies, that have gained ground in the past 24 hours, are Bitcoin Cash (BCH, $213.42, 1.30%), ChainLink (LINK – $7.36, 2.10%), VeChain (VET, $0.0164, 0.10%), Shiba Inu (SHIB, $0.00000679, -1.10%), and EOS (EOS – $0.00000679, 0.10%).
Major cryptocurrencies, which have lost ground in the past 24 hours, are IOTA (IOTA – $0.1401, -2%), Binance Coin (BNB – $205.88, -0.10%), Avalanche (Avax- $9.18, -2.60%), Cardano (ADA, $0.2466, -0.20%), Polkadot (DOT, $3.73, -1%), and Solana (SOL, $21.76, -1.20%).
Government Level Initiatives
Idxcarbon Was Commercially Launched For Carbon Credit Trading
The Indonesia Carbon Exchange (IDXCarbon) was launched commercially and started executing its initial carbon credit trades. ACX (initially AirCarbon Exchange) offered the blockchain-powered platform that forms the core of the exchange, which is run by the Indonesia Stock Exchange (IDX).
Indonesia, which has a population of 261 million people, stands 10th on the list of most polluting countries. The objective is to attain net zero emissions by 2060 or earlier.
On the first day of trading, carbon credit purchases were made by multiple banks, securities firms, and other entities.
Indonesia is aiming to foster emissions trading. At the start of this year, the government unveiled a plan for bigger coal-based power plants. Notably, a majority of the 99 power plants are owned by the state-owned electricity generation firm Perusahaan Listrik Negara (PLN). By 2025, Indonesia intends to introduce a carbon tax.
Interestingly, the IDXCarbon exchange platform is embedded with the new National Registry System for Climate Change Control. ACX was tailored as per local criteria and offered an end-to-end solution powered by blockchain technology to improve auditability and transparency.
Private Sector Initiatives
Bank ABC In Bahrain Is Using JPM Coin For Payments Between Bahrain And The US
Until now, JPMorgan customers were the only ones to use JPM Coin, primarily for cross-border payments. Now, Bahrain’s Bank ABC has started using JPMorgan’s blockchain-powered coin systems for payments. The platform is initially being used for payments between Bahrain and the US, as well as between the UK, Singapore, and Hong Kong.
JPMorgan called it a new commercial payment solution used by JPMorgan and Bank ABC using distributed ledger rails. As per Naveen Mallela, Global Head of Onyx Coin Systems, this platform paves the way for cross-border commercial transactions to be completed between Bahrain and US corridors in real-time, atomically, and without any issues.
A year ago, the Central Bank of Bahrain (CBB) revealed a trial of JPM Coin in partnership with Bank ABC and its customer Aluminium Bahrain (ALBA). The platform was intended to facilitate ALBA’s ability to execute real-time US dollar payments to suppliers with accounts in the US branch of JPMorgan.
ABC stated that it intends to utilize the solution for high-value payments, allowing a quicker, more cost-effective settlement. For big enterprises, it also aids in real-time Treasury administration.
SDX Announced Hypothekarbank Lenzburg As Its Sixth CSD Banking Member
The SIX Digital Exchange (SDX) revealed that Hypothekarbank Lenzburg has become the sixth banking member of its central securities depositary (CSD). SDX owns a digital asset exchange and a DLT-based CSD license from the Swiss regulator. Furthermore, the exchange has recently started accepting tokenization and trading of bonds traded on overseas trading platforms or the primary SIX exchange.
The Swiss bank prefers to have the capacity to both issue digital securities on SDX and tokenize prevailing assets.
In the meantime, SDX is also participating in one of the initial wholesale central bank digital currency (CBDC) trials. The Swiss National Bank will permit SDX to employ a wholesale CBDC for a pre-determined time frame. As of now, it has utilized tokenized funds held at the central bank.
Marianne Wildi, the CEO of Hypothekarbank Lenzburg, expressed that their offering should encompass more than just token issuance and custody. She conveyed their interest in incorporating the capability to list digital value rights on a reputable trading venue. Wildi noted that SDX’s ecosystem aligns seamlessly with their objectives, and they look forward to the collaboration with anticipation.
Miscellaneous
MOBI Appoints Honda, Nissan, And DENSO As CE-GBP Co-Chairs
The web3/DLT mobility consortium, known as MOBI, has announced that Honda, Nissan, and DENSO have been designated as co-chairs for the forthcoming working group focused on the Circular Economy and the Global Battery Passport (CE-GBP). The objective is to achieve circularity in worldwide supply chains. Nevertheless, to begin with, the plan is to create a decentralized Global Battery Passport System (GBPS).
The working group encompasses 27 members, including three automobile companies other than Ford, BMW, and Mazda. Notably, Ford is actively involved in the blockchain-powered battery recycling initiative.
MOBI stressed the need to concentrate on the recycling of batteries, given their importance in electric vehicles (EV) and for retaining renewable energy. The US Treasury guidelines on EV tax credits and the EU Battery Regulation necessitate the monitoring of batteries for recycling endeavors.
Back in June, MOBI unveiled its first Global Battery Passport norm. The consortium trusts that a decentralized system will pave the way for a better tracking process.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
